According to this market research report "Traffic Sensor Market
by Type (Inductive Loop, Piezoelectric Sensor, Bending Plate, Image
Sensor, Infrared Sensor, Radar Sensor, LiDAR Sensor, Magnetic Sensor,
Acoustic Sensor, and Thermal Sensor), Application, and Geography -
Global Forecast to 2023", the traffic sensor market is expected
to grow from USD 228.0 Million in 2017 to USD 381.3 Million by 2023,
at a CAGR of 8.94% during 2017–2023. The increasing demand for
real-time information systems and increasing urbanization and
population are the major factors that drive the traffic sensor market.
Browse 35 Market Data Tables and 48 Figures spread through 157 Pages and in-depth TOC on "Traffic Sensor Market - Global Forecast to 2023"
https://www.marketsandmarkets.com/Market-Reports/traffic-sensor-market-162500361.html
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https://www.marketsandmarkets.com/Market-Reports/traffic-sensor-market-162500361.html
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Radar sensor expected to grow at a higher CAGR between 2017 and 2023
The market for radar sensors is expected to grow at
the highest CAGR during the forecast period compared to other types of
sensors. Radar sensors are resistant to lightning and other weather
conditions such as haze, rain, or cloudy conditions compared to other
detection technologies such as image sensors, which acts as a major
driving factor for the growth of the market for radar sensors.
Traffic monitoring application expected to hold the largest share of the traffic sensor market in 2017
Traffic monitoring held the largest share of the
traffic sensor market. The traffic monitoring system allows real-time
monitoring of specific situations and road areas such as toll highways,
bridges, and underpasses with the help of dedicated video capturing
devices. The systems extract useful information about road mobility and
traffic help enhance road safety and provide information to users. The
vehicle counting and vehicle motion tracking are the major applications
under traffic monitoring leading to a high rate of adoption of traffic
sensors.
Traffic sensor market in Asia Pacific likely to grow at a high rate during the forecast period
In Asia Pacific (APAC), China and Australia are the
major contributors to the growth of the traffic sensor market. Some of
the factors driving the growth of the market in this region include
rapid developments to improve transportation industry, implementation of
e-tolls, and various initiatives by the government to implement traffic
management solutions.
Major players operating in the traffic sensor market
are Kapsch TrafficCom AG (Austria), International Road Dynamics, Inc.
(Canada), FLIR Systems, Inc. (US), TE Connectivity Ltd. (Switzerland),
and Kistler Group (Switzerland).
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